This page lists publications by Modern Money Lab staff and adjunct lecturers.


Publications of Lecturers on the Modern Money Lab/Torrens University Australia Graduate Programme in the Economics of Sustainability

Dr Annie Bond

Luxton, S., Smith, G., Williams, K., Ferrier, S., Bond, A., & Prober, S. (2023). An introduction to financial opportunities, ecological concepts, and risks underpinning aspirations for a nature-positive economy (To be published).

Collard, S. J., O’Connor, P. J., Prowse, T. A., Gregg, D., & Bond, A. J. (2020). Objectives versus realities: Spatial, temporal, financial and social deficiencies in Australia’s public revegetation investment model. Ecological Management & Restoration, 21(1), 35-41.

Bond, A. J., O’Connor, P. J., & Cavagnaro, T. R. (2019). Remnant woodland biodiversity gains under 10 years of revealed‐price incentive payments. Journal of Applied Ecology, 56(7), 1827-1838.

Bond, A. J., Saison, C. L., Lawley, V. R., & O’Connor, P. J. (2019). Bridging the Urban–Rural Divide Between Ecosystem Service Suppliers and Beneficiaries: Using a Distributed Community Nursery to Support Rural Revegetation. Environmental management, 64(2), 166-177.

Bond, A. J., O’Connor, P. J., & Cavagnaro, T. R. (2018). Who participates in conservation incentive programs? Absentee and group landholders are in the mix. Land Use Policy, 72, 410-419.

O’Connor, P. J., & Bond, A. J. (2007). Maximizing the effectiveness of photopoint monitoring for ecological management and restoration. Ecological Management & Restoration, 8(3), 228-234.

Dr Dirk Ehnts

Ehnts, D. (2023). About monetary policy, SVB, and bank quakes. International Journal of Pluralism and Economics Education, 14(1), 47-54.

Ehnts, D. (2022). Modern monetary theory: The right compass for decision-making. Intereconomics, 57(2), 128-134.

Ehnts, D., & Paetz, M. (2021). COVID-19 and its economic consequences for the Euro Area. Eurasian Economic Review, 11, 227-249.

Ehnts, D., & Paetz, M. (2021). How do we finance the Covid-19 debt? Attempt to find a” right” answer to a” wrong” question from the perspective of Modern Monetary Theory (MMT). Revista de Economía Crítica, (31), 139-148.

Ehnts, D. H. (2020). Modern monetary theory and the public purpose. American Review of Political Economy, 15(1).

Ehnts, D. (2020). The unexpected victory of modern monetary theory and its consequences. International Journal of Pluralism and Economics Education, 11(3), 293-295.

Ehnts, D. (2020). Macroeconomics and the world economy in one lecture: a didactic primer. International Journal of Pluralism and Economics Education, 11(2), 149-159.

Ehnts, D. H., & Höfgen, M. (2019). The job guarantee: Full employment, price stability and social progress. Society Register, 3(2), 49-65.

Ehnts, D. (2019). The 15 balance sheet approach to macroeconomics. Principles and Pluralist Approaches in Teaching Economics: Towards a Transformative Science, 41, 243.

Cruz-Hidalgo, E., Ehnts, D. H., & Tcherneva, P. R. (2019). Completing the Euro: The Euro Treasury and the job guarantee. Revista de Economía Crítica, (27), 100-111.

Ehnts, D. (2019). Modern monetary theory: a simple macroeconomic model. Social Europe.

Ehnts, D. H., & Helmedag, F. (2018). The Present state of economics: errors and omissions excepted. Post-Crash Economics: Plurality and Heterodox Ideas in Teaching and Research, 149-172.

Ehnts, D. H. (2016). Modern monetary theory and European macroeconomics. Taylor & Francis.

Carrión Álvarez, M., & Ehnts, D. (2016). Samuelson and Davidson on ergodicity: A reformulation. Journal of Post Keynesian Economics, 39(1), 1-16.

Ehnts, D. H. (2014). A simple macroeconomic model of a currency union with endogenous money and saving-investment imbalances. International Journal of Pluralism and Economics Education, 5(3), 279-297.

Ehnts, D., & Trautwein, H. M. (2012). From new trade theory to new economic geography: A space odyssey. Œconomia. History, Methodology, Philosophy, (2-1), 35-66.

Associate Professor Scott Fullwiler

Felipe, J., Fullwiler, S., & Yusoph, A. H. (2021). The ADB COVID-19 Policy Database: A Guide to Understanding Changes in Sectoral Balances and Private Sector Financial Positions in 2020. Asian Development Review, 38(02), 1-29.

Fullwiler, S. (2020). When the Interest Rate on the National Debt Is a Policy Variable (and “Printing Money” Does Not Apply). Public Budgeting & Finance, 40(3), 72-94.

Felipe, J., & Fullwiler, S. (2020). ADB COVID-19 policy database: A guide. Asian Development Review, 37(2), 1-20.

Felipe, J., Fullwiler, S., Estrada, G. B., Jaber, M. H., & Patagan, R. (2020). How “Monetization” Really Works—Examples from Nations’ Policy Responses to COVID-19. Asian Development Bank Economics Working Paper Series, (627).

Anas, T., Felipe, J., Foster-McGregor, N., Fullwiler, S., Hasan, R., Khatiwada, S., … & Widyasanti, A. (2019). Policies to support the development of Indonesia’s manufacturing sector during 2020-2024: A Joint ADB–BAPPENAS Report.

Fullwiler, S. T. (2017). Modern central-bank operations: the general principles. In Advances in Endogenous Money Analysis (pp. 50-87). Edward Elgar Publishing.

Fullwiler, S. (2016). Sustainable finance: Building a more general theory of finance. In Routledge handbook of social and sustainable finance (pp. 17-34). Routledge.

Fullwiler, S. T. (2013). An endogenous money perspective on the post-crisis monetary policy debate. Review of Keynesian Economics, 1(2), 171-194.

Fullwiler, S. T. (2007). Interest rates and fiscal sustainability. Journal of Economic Issues, 41(4), 1003-1042.

Fullwiler, S. T. (2007). Macroeconomic stabilization through an employer of last resort. Journal of Economic Issues, 41(1), 93-134.

Fullwiler, S. T., & Allen, G. (2007). Can the Fed Target Inflation? Toward an Institutionalist Approach. Journal of Economic Issues41(2), 485–494.

Fullwiler, S. T. (2006). Setting interest rates in the modern money era. Journal of Post Keynesian economics28(3), 496-525.

Fullwiler, S. T. (2005). Paying interest on reserve balances: it’s more significant than you think. Journal of Economic Issues39(2), 543-550.

Fullwiler, S. T. (2003). Timeliness and the Fed’s daily tactics. Journal of Economic Issues, 37(4), 851-880.

Adjunct Associate Professor Steven Hail

Hail, S. (2022). Paying for a Green New Deal: An Introduction to Modern Monetary Theory. Sustainability and the New Economics: Synthesising Ecological Economics and Modern Monetary Theory, 279-302.

Diesendorf, M., & Hail, S. (2022). Funding of the Energy Transition by Monetary Sovereign Countries. Energies, 15(16), 5908.

Hail, S. (2018). Economics for Sustainable Prosperity. Springer.

Hail, S., & Joy, D. (2020). Federal Debt and Modern Money. Global Institute for Sustainable Prosperity. http://www. global-isp. org/policy-note-121.

Hail, S. (2018). A Just Social Wage and a Job Guarantee. Global Institute for Sustainable Prosperity.

Hail, S. (2017). Ignore the Trade Balance: Concentrate on Full Employment. Global Institute for Sustainable Prosperity.

Professor John T Harvey

Harvey, J. T. (2023). International financial architecture. In Elgar Encyclopedia of Post-Keynesian Economics (pp. 243-245). Edward Elgar Publishing Limited.

Harvey, J. T. (2023). Modern Monetary Theory, the United Kingdom, and pound sterling. Modern Monetary Theory: Key Insights, Leading Thinkers, 125.

Harvey, J. T. (2022). Testing Keynes’ aggregate investment function. Journal of Post Keynesian Economics, 45(2), 246-262.

Harvey, J. T. (2021). 3 Trade versus capital flows. Emerging Economies and the Global Financial System: Post-Keynesian Analysis, 28.

Harvey, J. T. (2021). Trade versus capital flows: The key implicit and methodological differences between the Neoclassical and the Post Keynesian approaches to exchange rate determination. In Emerging Economies and the Global Financial System (pp. 28-39). Routledge.

Harvey, J. T. (2020). Post Keynesian modelling and simulation for the classroom. International Journal of Pluralism and Economics Education, 11(1), 79-95.

Harvey, J. T. (2020). Contending perspectives in economics: A guide to contemporary schools of thought. Edward Elgar Publishing.

Harvey, J. T. (2020). Getting the Financial Crisis wrong: The dead end that is Neoclassical macro modeling. In Contemporary Issues in Heterodox Economics (pp. 160-168). Routledge.

Harvey, J. T. (2019). Exchange rates and the balance of payments: Reconciling an inconsistency in Post Keynesian theory. Journal of Post Keynesian Economics, 42(3), 390-415.

Harvey, J. T. (2018). Intermediate macroeconomics: The importance of being post Keynesian. Journal of Post Keynesian Economics, 41(1), 83-98.

Harvey, J. T. (2018). An Economics Primer for Cyber Security Analysts. Military Cyber Affairs, 3(1), 4.

Harvey, J. T. (2018). The Financial Sector’s Vulnerabilities, Villains, and Options for Defense. Military Cyber Affairs, 3(2), 8.

Harvey, J. T. (2017). Teaching the Greek crisis (and more) from the perspectives of competing models. Review of Keynesian Economics5(4), 503-518.

Harvey, J. T. (2016). An introduction to post keynesian economics: Involuntary unemployment with perfectly flexible wages and prices. The American Economist, 61(2), 140-156.

Harvey, J. T. (2014). Teaching Keynes’s business cycle: an extension of Paul Davidson’s capital market model. Journal of Post Keynesian Economics, 36(4), 589-606.

Harvey, J. T. (2014). Using the General Theory to explain the US business cycle, 1950-2009. Journal of Post Keynesian Economics, 36(3), 391-414.

Harvey, J. T. (2013). Keynes’s trade cycle: a system dynamics model. Journal of Post Keynesian Economics, 36(1), 105-130.

Harvey, J. T. (2012). Exchange rate behavior during the great recession. Journal of Economic Issues, 46(2), 313-322.

Harvey, J. T. (2011). Student attitudes toward economic pluralism: survey-based evidence. International Journal of Pluralism and Economics Education, 2(3), 270-290.

Harvey, J. T. (2011). United States business cycles from 1971 through 2010: a Post Keynesian explanation. Journal of Economic Issues, 45(2), 381-390.

Harvey, J. T. (2009). Currencies, capital flows and crises: A post Keynesian analysis of exchange rate determination. Routledge.

Harvey, J. T. (2009). Currency market participants’ mental model and the collapse of the dollar: 2001-2008. Journal of Economic Issues, 43(4), 931-949.

Harvey, J. T., & Garnett, R. F. (2008). Future directions for heterodox economics. University of Michigan Press.

Harvey, J. T. (2007). Teaching Post Keynesian exchange rate theory. Journal of Post Keynesian Economics, 30(2), 147-168.

Harvey, J. T. (2006). Modeling interest rate parity: a system dynamics approach. Journal of Economic Issues, 40(2), 395-403.

Harvey, J. T. (2006). Psychological and institutional forces and the determination of exchange rates. Journal of Economic Issues, 40(1), 153-170.

Harvey, J. T. (2005). Post Keynesian versus neoclassical explanations of exchange rate movements: a short look at the long run. Journal of Post Keynesian Economics, 28(2), 161-179.

Harvey, J. T. (2004). Deviations from uncovered interest rate parity: a Post Keynesian explanation. Journal of Post Keynesian Economics, 27(1), 19-35.

Harvey, J. T. (2002). Keynes’ chapter 22: A system dynamics model. Journal of Economic Issues, 36(2), 373-381.

Harvey, J. T. (2002). The determinants of currency market forecasts: an empirical study. Journal of Post Keynesian Economics, 25(1), 33-49.

Harvey, J. T. (2002). Exchange rates: Volatility and misalignment in the post-Bretton Woods Era. In Foundations of International Economics (pp. 210-222). Routledge.

Harvey, J. T. (2001). Exchange rate theory and “the fundamentals”. Journal of Post Keynesian Economics, 24(1), 3-15.

Harvey, J. T., & Klopfenstein, K. (2001). International Capital and Mexican Development: A System-Dynamics Model. Journal of Economic Issues, 35(2), 439-449.

Elliott, D. R., & Harvey, J. T. (2000). Underdevelopment in Jamaica: an institutionalist perspective. Journal of economic issues, 34(2), 393-401.

Deprez, J., & Harvey, J. T. (Eds.). (1999). Foundations of international economics: Post-Keynesian perspectives. Psychology Press.

Harvey, J. T. (1998). Heuristic judgment theory. Journal of Economic Issues, 32(1), 47-64.

Harvey, J. T. (1998). The nature of expectations in the foreign exchange market: a test of competing theories. Journal of Post Keynesian Economics, 21(2), 181-200.

Quinn, S. F., & Harvey, J. T. (1998). Speculation and the Dollar in the 1980s. Journal of Economic Issues, 32(2), 315-323.

Harvey, J. T., & Quinn, S. F. (1997). Expectations and rational expectations in the foreign exchange market. Journal of Economic Issues, 31(2), 615-622.

Harvey, J. T. (1996). Orthodox approaches to exchange rate determination: a survey. Journal of Post Keynesian Economics, 18(4), 567-583.

Harvey, J. T. (1996). Long-term exchange rate movements: The role of the fundamentals in neoclassical models of exchange rates. Journal of Economic Issues, 30(2), 509-516.

Ray, M. A., & Harvey, J. T. (1995). Employment changes in the European Economic Community: A shift-share analysis. Review of Regional Studies, 25(1), 97-109.

Harvey, J. T. (1994). Circular causation and the Veblenian dichotomy in the General Theory: an introduction to institutionalist method. Journal of Post Keynesian Economics, 17(1), 69-89.

Harvey, J. T. (1993). The institution of foreign exchange trading. Journal of Economic Issues, 27(3), 679-698.

Harvey, J. T. (1993). Daily exchange rate variance. Journal of Post Keynesian Economics, 15(4), 515-540.

Harvey, J. T. (1993). Post Keynesian economics and international policy coordination. The Social Science Journal, 30(2), 163-179.

Harvey, J. T. (1991). A Post Keynesian view of exchange rate determination. Journal of Post Keynesian Economics, 14(1), 61-71.

Harvey, J. T. (1991). Institutions and the Economic Welfare of Black Americans in the 1980s. Journal of Economic Issues, 25(1), 115-135.

Professor Martin Hensher

Hensher, M. (2023) The economics of the wellbeing economy: Understanding heterodox economics for health-in-all-policies and co-benefits. Health Promot J Austral. 2023; 34(3): 651–659.

Hensher, M. (2023). Climate change, health and sustainable healthcare: The role of health economics. Health Economics, 32(5), 985-992.

McCartney, G., Hensher, M., & Trebeck, K. (2023). How to measure progress towards a wellbeing economy: distinguishing genuine advances from ‘window dressing’. Public Health Research & Practice, 33(2).

Hensher, M. C. (2023). Externalities. In Dictionary of Ecological Economics (pp. 222-222). Edward Elgar Publishing.

Looi, J. C., Davis, J. M., Hensher, M., & Robson, S. J. (2023). Under‐and Postgraduate Education in Health Economics for Australia’s Medical Practitioners: Time for Change?. Australian Economic Review.

Hensher, M. (2020). Incorporating environmental impacts into the economic evaluation of health care systems: Perspectives from ecological economics. Resources, Conservation and Recycling, 154, 104623.

Hensher, M., & Zywert, K. (2020). Can healthcare adapt to a world of tightening ecological constraints? Challenges on the road to a post-growth future. bmj, 371.

Hensher, M. (2020). Covid-19, unemployment, and health: time for deeper solutions?. Bmj, 371.

Hensher, M., & McGain, F. (2020). Health Care Sustainability Metrics: Building A Safer, Low-Carbon Health System: Commentary examines how to build a safer, low-carbon health system. Health Affairs, 39(12), 2080-2087.

Hensher, M. (2020). 12. Human health and ecological economics. Sustainable Wellbeing Futures: A Research and Action Agenda for Ecological Economics, 188.

Hensher, M., Canny, B., Zimitat, C., Campbell, J., & Palmer, A. (2020). Health care, overconsumption and uneconomic growth: A conceptual framework. Social Science & Medicine, 266, 113420.

Hensher, M., Tisdell, J., Canny, B., & Zimitat, C. (2020). Health care and the future of economic growth: exploring alternative perspectives. Health economics, policy and law, 15(4), 419-439.

Hensher, M., Tisdell, J., & Zimitat, C. (2017). “Too much medicine”: Insights and explanations from economic theory and research. Social science & medicine, 176, 77-84.

David Joy

Hail, S., & Joy, D. (2020). Federal Debt and Modern Money. Global Institute for Sustainable Prosperity. http://www. global-isp. org/policy-note-121.

Professor Philip Lawn

Lawn, P. and Williams, S. (2022), ‘An Introduction to Ecological Economics: Principles, Indicators, and Policy’, in S. Williams and R. Taylor (eds) (2022), Sustainability and the New Economics, Springer, Dordrecht, pp. 185-229.

Lawn, P. and Williams, S. (2022), ‘Conclusion and Policy Options’, in Williams, S. and Taylor, R. (eds) (2022), Sustainability and the New Economics, Springer, Dordrecht, pp. 303-317.

Lawn, P. (2017), South Australia: Progressing in Recent Years and Outperforming the Rest-of-Australia, A Genuine Progress Indicator study of South Australia: 1986-2016. Report prepared on behalf of the Wakefield Futures Group for the South Australian Department of Environment, Water, and Natural Resources.

Lawn, P. A. (2016). Resolving the climate change crisis(p. 68). Heidelberg: Springer.

Kubiszewski, I., Costanza, R., Franco, C., Lawn, P., Talberth, J., Jackson, T., & Aylmer, C. (2013). Beyond GDP: Measuring and achieving global genuine progress. Ecological economics, 93, 57-68.

Lawn, P. (2013). The failure of the ISEW and GPI to fully account for changes in human-health capital—A methodological shortcoming not a theoretical weakness. Ecological Economics88, 167-177.

Lawn, P. (2013), “The economics of sustainable development”, Chapter 4 in Moscardo, Lamberton, Wells et al. (eds), Sustainability in Australian Business: Principles and Practice, John Wiley & Sons, Australia, pp. 99-132.

Lawn, P. (2011). Is steady‐state capitalism viable? A review of the issues and an answer in the affirmative.

Lawn, P., & Clarke, M. (2010). The end of economic growth? A contracting threshold hypothesis. Ecological economics69(11), 2213-2223.

Lawn, P. (2010). Facilitating the transition to a steady-state economy: Some macroeconomic fundamentals. Ecological Economics69(5), 931-936.

Lawn, P. A., & Clarke, M. (Eds.). (2008). Sustainable welfare in the Asia-Pacific: studies using the genuine progress indicator. Edward Elgar Publishing.

Clarke, M., & Lawn, P. (2008). Is measuring genuine progress at the sub-national level useful?. Ecological indicators8(5), 573-581.

Lawn, P. (2008). Genuine progress in India: some further growth needed in immediate future but population stabilization needed immediately. Sustainable Welfare in the Asia-Pacific. Edward Elgar, Northampton, MA, 191-227.

Wen, Z., Yang, Y., & Lawn, P. A. (2008). From GDP to GPI: quantifying thirty-five years of development in China. Sustainable Welfare in the Asia-Pacific: Studies Using the Genuine Progress Indicator. Edward Elgar Publishing, Cheltenham, UK, 228-259.

Hong, V. X. N., Clarke, M., & Lawn, P. (2008). Genuine progress in Vietnam: the impact of the Doi Moi reforms. Chapters, 299-330.

Lawn, P. (2007). Frontier issues in ecological economics.

Lawn, P. (2007). A stock-take of green national accounting initiatives. Social Indicators Research80, 427-460.

Lawn, P. A. (Ed.). (2006). Sustainable development indicators in ecological economics. Edward Elgar Publishing.

Clarke, M., & Lawn, P. A. (2006). Comparing Victoria’s genuine progress with that of the rest-of-Australia. Journal of Economic & Social Policy10(2), 115-138.

Lawn, P. (2005). Is a democratic–capitalist system compatible with a low-growth or steady-state economy?. Socio-Economic Review3(2), 209-232.

Lawn, P. A. (2005). An assessment of the valuation methods used to calculate the index of sustainable economic welfare (ISEW), genuine progress indicator (GPI), and sustainable net benefit index (SNBI). Environment, Development and Sustainability, 7, 185-208.

Lawn, P. A. (2003). A theoretical foundation to support the Index of Sustainable Economic Welfare (ISEW), Genuine Progress Indicator (GPI), and other related indexes. Ecological economics, 44(1), 105-118.. Annals of the New York Academy of Sciences, 1219(1), 1-25.

Lawn, P. A. (2003). On Heyes’ IS–LM–EE proposal to establish an environmental macroeconomics. Environment and Development Economics8(1), 31-56.

Lawn, P. A. (2003). Environmental macroeconomics: extending the IS–LM model to include an ‘environmental equilibrium’ curve. Australian Economic Papers42(1), 118-134.

Lawn, P. A. (2001). Scale, prices, and biophysical assessments. Ecological economics38(3), 369-382.

Lawn, P. A. (2000). Toward sustainable development: an ecological economics approach. CRC Press.

Lawn, P. A. (2000). Ecological tax reform: many know why but few know how. Environment, Development and Sustainability2, 143-164.

Lawn, P. A., & Sanders, R. D. (1999). Has Australia surpassed its optimal macroeconomic scale? Finding out with the aid of benefit ‘and cost’ accounts and a sustainable net benefit index. Ecological Economics28(2), 213-229.

Rigo Melgar

Melgar, R. E. (2023). Social-ecological systems. In Dictionary of Ecological Economics (pp. 490-490). Edward Elgar Publishing.

Melgar, R. E., & Hall, C. A. (2023). Biophysical economics. In Dictionary of Ecological Economics (pp. 40-41). Edward Elgar Publishing.

Burke, M. J., & Melgar, R. (2022). SDG 7 requires post-growth energy sufficiency. Frontiers in Sustainability, 3, 940958.

Melgar, R., & Burke, M. (2021). 6 SDG 7 ‘Energy for all’. Ecological Limits of Development: Living with the Sustainable Development Goals, 45.

Melgar, R. E., & Hall, C. A. (2020). Why ecological economics needs to return to its roots: The biophysical foundation of socio-economic systems. Ecological Economics, 169, 106567.

Vargas Roncancio, I., Temper, L., Sterlin, J., Smolyar, N. L., Sellers, S., Moore, M., … & Babcock, M. (2019). From the Anthropocene to mutual thriving: an agenda for higher education in the Ecozoic. Sustainability, 11(12), 3312.

Prieto, P. A., Hall, C. A., & Melgar, R. (2013). Spain’s photovoltaic revolution: the energy return on investment. New York: Springer.

Dr Senada Nukic

Nukic, S. (2014). Fiscal Consolidation and Employment Loss. MPRA Paper 60224, University of Bern Working paper.

Barrett, S., Nukic, S., & Treuren, G. (2005). Beyond the unemployment rate: A reinterpretation of the Australian labour market. In Creating a Culture of Full Employment: Incorporating the 7th Path to Full Employment Conference and 12th National Conference on Unemployment (pp. 116-132). Callaghan, NSW: University of Newcastle, Centre of Full Employment and Equity.

Colleen Schneider

Olk, C., Schneider, C., & Hickel, J. (2023). How to pay for saving the world: Modern Monetary Theory for a degrowth transition. Ecological Economics, 214, 107968.

Aigner, E., Buczko, C., Cahen-Fourot, L., & Schneider, C. (2022). Money and finance: An overview of strategies for social-ecological transformation in the field of money and finance and the case of the Austrian Cooperative for the Common Good. Degrowth & Strategy: how to bring about social-ecological transformation, 351-374.